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Latest News 73 Nigerians sentenced to death in Malaysia Igbo leaders meet in Owerri, demand self determination •Full details of ‘Owerri Declaration’ UNMASKED: Captain Tijjani Balarabe, alleged mastermind of Taraba police killings, Wadume’s escape Dual citizenship: Lawan, Gbajabiamila risk losing seats Nnamdi Kanu spits fire in exclusive interview $16b power controversy: EFCC invites two ex-governors, three former ministers, bank chief, ex-aviation chief for questioning Wadume: Court martial awaits indicted soldiers High school sweethearts die in car crash minutes after wedding SERAP writes AGF Malami, seeks public registers for corrupt governors, others Presidency clears the air on Abba Kyari’s relationship with ministers IPOB breeding enemies for South East, may truncate 2023 presidency project — Balarabe Musa Wike deploys more security operatives to Ogoniland

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (531,001 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (439,342 views) Shameless Genevieve Nnaji exposes breasts in public (384,414 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (323,414 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (291,013 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (251,621 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (246,566 views) 10 cars more expensive than Jets (234,077 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (228,536 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (214,730 views) Lagos plane crash: Journalist releases victims’ names (193,489 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (191,372 views)

 

CBN intervenes in Forex market with $297.92, CNY21.2

CBN intervenes in Forex market with $297.92, CNY21.2 The Central Bank of Nigeria (CBN) has made interventions in the retail Secondary Market Intervention Sales (SMIS), to the tune of $297.92 million in addition to CNY21.2m in the spot and short-tenured forwards segment of the inter-bank foreign market. This was disclosed in Abuja on Friday, August 23, 2019, by the...... more

Why we are partnering Niger government on ranch - CBN

Why we are partnering Niger government on ranch - CBN The Central Bank of Nigeria (CBN) says its partnership with the Niger state government for a ranch at the Bobi grazing reserve is to ensure local production of milk. Mr Anthony Ifechukwu, Special Adviser on Development Finance to the CBN governor Godwin Emefiele, stated this during an inspection of work at...... more

Nigerian stocks rally to 3-week high as investors eye reforms

Nigerian stocks rally to 3-week high as investors eye reforms Nigerian stocks extended their rally on Friday to a three-week high following President Muhammed Buhari’s inauguration of cabinet ministers, boosting hopes for reforms that could lift growth for Africa’s biggest economy, traders said. Nigeria’s economy has grappled with low growth since recovery from recession three years ago. Buhari, who began a...... more

NNPC under-remitted N77.92bn in 2017, says NEITI

NNPC under-remitted N77.92bn in 2017, says NEITI The Nigerian Extractive Industries Transparency Initiative (NEITI) has disclosed that the Nigerian National Petroleum Corporation (NNPC) under-remitted N77.92billion to the federation account in 2017. The pilot study report on the sale of crude oil, however, noted that there is an ongoing reconciliation of the amount that arose from KPMG Forensic audit....... more

FG, States, LGAs share N769.523bn in July

FG, States, LGAs share N769.523bn in July The three tiers of government shared N769.523 billion as of July allocation of the Federation Accounts Allocation Committee (FAAC). The figure comprised revenue from Value Added Tax (VAT), exchange gain and gross statutory revenue.  The committee announced that as at 22nd August, 2019, the balance in the Excess Crude Account was...... more

SAPZs can attract about $4bn investment into Nigeria – NGF

SAPZs can attract about $4bn investment into Nigeria – NGF The establishment of the Special Agro-Processing Zones (SAPZs) in Nigeria has the potential of attracting about four billion dollars investments into the country, this is according to the Nigeria Governors’ Forum (NGF). Governor Kayode Fayemi, the chairman of the forum said this in a conversation with newsmen on Wednesday in Abuja....... more

CIBN to enhance digital banking

CIBN to enhance digital banking The Chartered Institute of Bankers of Nigeria (CIBN) is poised to enhance digital banking and financial inclusion for robust economic growth. Mr Peter Ashade, the Chairman, CIBN Lagos chapter, disclosed this at a media briefing on Wednesday in Lagos. According to Ashade, digital banking has become strategic in enhancing the economy,...... more

We must increase revenue or Nigeria slips into fiscal crisis — Finance Minister

We must increase revenue or Nigeria slips into fiscal crisis — Finance Minister The Minister of Finance, Mrs. Zainab Ahmed, on Wednesday, declared that Nigeria must increase its revenue generation capacity or risk slipping into fiscal crisis. She stated this in Abuja while assuming duties at the Finance Ministry Headquarters. The Minister stated: “We have to increase revenues; if not our country will slip...... more

Nigerian Varsities partner NASSI to close skills gap

Nigerian Varsities partner NASSI to close skills gap The Committee of Deans of Engineering and Technology of Nigerian Universities is seeking to partner the Nigerian Association of Small Scale Industrialists (NASSI) to boost entrepreneurship in the country. Prof. Christian Bolu, former Chairman of the committee made this known on Wednesday in Abuja when he led a delegation on a...... more

NSE: Investors react positively to ministers’ inauguration, assignment

NSE: Investors react positively to ministers’ inauguration, assignment Investors on the Nigerian Stock Exchange (NSE), on Wednesday, reacted positively to the inauguration and assignment of ministers to various portfolios by President Muhammadu Buhari. The News Agency of Nigeria (NAN) reports that the All-Share Index rallied by 294.32 points or 1.09 per cent to close at 27,352.94 against 27,058.62 on...... more

Stock Exchange delists two banks

Stock Exchange delists two banks Authorities at the Nigerian Stock Exchange (NSE) have just delisted two defunct banks- Skye Bank Plc and Fortis Microfinance Bank Plc, formally closing any window of shares exchange for the defunct banks. The delisting was sequel to the decision of the National Council of the NSE, which had approved the delisting...... more

Multinational companies must give 30 per cent top workforce to Nigerians — Senate Committee

Multinational companies must give 30 per cent top workforce to Nigerians — Senate Committee Chairman Senate Committee on Local Content, Senator Teslim Folarin, has said the committee will ensure that every multinational company in Nigeria complies with 30 per cent involvement of Nigerians in the top management positions.  He disclosed this when he addressed journalists during a special Sallah party he held for his constituents...... more

NNPC awards 2019/2020 DSDP contract to 15 firms

NNPC awards 2019/2020 DSDP contract to 15 firms The Nigerian National Petroleum Coeporation (NNPC) says 15 companies have emerged winners of the Direct Sales and Direct Purchase (DSDP) of Crude oil contract for 2019/2020. The corporation disclosed this in a statement issued by its spokesman, Mr Ndu Ughamadu, in Abuja, on Sunday. He said that the announcement was in...... more

Lagos Ports not congested: Operators

Lagos Ports not congested: Operators The Seaport Terminal Operators Association of Nigeria (STOAN) says the Lagos Port Complex, Apapa and the Tin-Can Island Port Complex are not congested. Mr Bolaji Akinola, spokesperson of the association, said this in a statement in Lagos on Sunday. Akinola said that both ports were operating at less than 70 per...... more

Africa Development Bank says risks to growth 'increasing by the day'

Africa Development Bank says risks to growth 'increasing by the day' The U.S.-China trade war and uncertainty over Brexit pose risks to Africa's economic prospects that are "increasing by the day," the head of the African Development Bank (AfDB) told Reuters. The trade dispute between the world's two largest economies has roiled global markets and unnerved investors as it stretches into its...... more

More economic woes loom over mounting debt

More economic woes loom over mounting debt With a British court on Friday ruling that Nigeria should pay $9 billion (N3.24 trillion) to Process and Industrial Developments Ltd. (P&ID) for failing to honour a contract, Nigeria’s debt profile has spiraled to N28.187 trillion. Although the government has expressed its desire to appeal the ruling, unless it is overturned,...... more

Fidelity Bank reinforces commitment to digital technology, adopts open banking

Fidelity Bank reinforces commitment to digital technology, adopts open banking Consistent with its commitment to the adoption of innovative digital technology to drive its retail strategy, reduce cost and improve revenue and returns, Fidelity Bank has signed a Memorandum of Understanding with Open Technology Foundation (OTF) for the adoption of a standard Application Programming Interface (API) for its operations as a...... more

Gas deal: FG to appeal British court’s ruling over seizing of $9bn

Gas deal: FG to appeal British court’s ruling over seizing of $9bn The Federal Government has said that it would appeal Friday’s ruling of a British court ordering that about nine billion dollars ($9bn) worth of its assets be seized by the Process and Industrial Development Limited following a breach in contract. According to the Solicitor-General of the Federation and Permanent Secretary, Federal...... more

Zinox partners EdVigor to revolutionise education in Nigeria

Zinox partners EdVigor to revolutionise education in Nigeria Sub-Saharan Africa’s technology giant, Zinox Technologies Ltd. has underlined its commitment towards improving the standard of education in the country. To this end, Zinox has partnered with EdVigor, an outreach of Harvard-trained resource experts versed in the development of learning curriculum to host a teacher empowerment workshop for beneficiaries in the...... more

UBA partners LCCI for 2019 Lagos International Trade Fair, promises customers 20% discount on registration

UBA partners LCCI for 2019 Lagos International Trade Fair, promises customers 20% discount on registration Pan-African financial services institution, United Bank for Africa (UBA) Plc, and the Lagos Chamber of Commerce and Industry (LCCI), have partnered to organise the 2019 edition of the Lagos International Trade Fair. The Fair, which holds between November 1 and 10, 2019, is the 33rd edition and is expected to provide...... more

CBN to disburse lower currencies to microfinance banks

CBN to disburse lower currencies to microfinance banks The Central Bank of Nigeria (CBN) has released guidelines for the disbursement of lower denominations of the naira through microfinance banks (MFBs) across the country.   A circular issued by the Director, Currency Operations Department of the Bank, Mrs. Patricia Eleje, in Abuja on Thursday, August 15, 2019, indicated that all microfinance...... more

SEED, EdFin Microfinance Bank sign groundbreaking pact to support private schools with access to finance, quality assessment, training

SEED, EdFin Microfinance Bank sign groundbreaking pact to support private schools with access to finance, quality assessment, training To help overcome the obstacles that lack of required resources to improve the infrastructure for teaching and learning, a groundbreaking partnership signing agreement took place on Wednesday, August 14, 2019 between Sustainable Education and Enterprise Development (SEED) and EdFin Microfinance Bank. Affordable private schools in Lagos can now benefit from SEED’s...... more

Insecurity: Abattoirs close for business in Enugu

Insecurity: Abattoirs close for business in Enugu Abattoirs in Enugu State were on Wednesday, closed down for business in compliance with a directive by the Enugu State Amalgamated Market Traders Association (ESAMATA) and Enugu State Butchers Association (ESBA). Also closed for business in the state was the perishable goods dealers’ shops, especially tomatoes. The directive followed a decision...... more

Buhari’s directive on food imports illegal, will worsen suffering, says CSJ

Buhari’s directive on food imports illegal, will worsen suffering, says CSJ Tuesday’s directive by President Muhammadu Buhari to the Central Bank of Nigeria (CBN) not to allocate foreign exchange to food importers is not only illegal but one that is capable of worsening the suffering of the majority of Nigerians, a leading civil society organisation (CSO), Centre for Social Justice (CSJ), has...... more

Housing deficit: Shelter Afrique to invest $180m in Nigeria

Housing deficit: Shelter Afrique to invest $180m in Nigeria Shelter Afrique, an NGO, is to invest 180 million dollars in five years toward addressing Nigeria’s housing deficit, Mr Andrew Chimphondah, its Managing Director, said in Abuja. Chimphondah told the News Agency of Nigeria (NAN), that the investment period would span from 2019 to 2024. He said that Nigeria was a...... more

Nasarawa State to generate 1,000 megawatts from coal

Nasarawa State to generate 1,000 megawatts from coal Nasarawa State governor, Abdullahi Sule has said his administration is finalising arrangements with a private electricity firm, General Electric (GE), towards generating 1000 megawatts from coal reserves in Obi Local Government Area. He disclosed this while flagging off the construction of a 2 kilometer solar powered streetlights in Obi Local Government...... more

CBN injects $280.04m, CNY 28.3m into Forex market

CBN injects $280.04m, CNY 28.3m into Forex market The Retail Secondary Market Intervention Sales (SMIS) has received a boost of $280.04 million from the Central Bank of Nigeria (CBN), which also injected the sum of CNY 28.3 million in the spot and short tenored forwards segment of the inter-bank foreign market. The latest interventions in the inter-bank foreign exchange...... more

Nigeria naira weakens on falling oil prices, lower bond yields

Nigeria naira weakens on falling oil prices, lower bond yields Nigerian naira weakened to 364 per dollar on Friday, from a quote of 363.50 its previous day as falling oil prices worsened liquidity woes on the currency market, traders said. The dollar shortage was initially caused by a slowdown of foreign inflows after local debt market yields declined. The naira broke...... more

Dangote refinery to be delayed until end of 2020

Dangote refinery to be delayed until end of 2020 A huge oil refinery being built in Nigeria by Africa’s richest man is unlikely to start production until 2022, two years later than the target date, sources with direct knowledge of the matter said. The 650,000 barrel per day (bpd) refinery near Lagos, set to be Africa’s biggest, is expected to...... more

Court slams N100m damages on foreign textile firm for unauthorised use of rival’s name

Court slams N100m damages on foreign textile firm for unauthorised use of rival’s name A Kano High Court, presided by Justice Ibrahim Musa Muhammed has ordered the agent of  Changyi Yuanxiang,  a foreign textile firm to pay N100 million as compensation to Nigerian firm, RAS Textile Limited. In a judgement delivered July 30, 2019, the court slammed the defendant for unlawful and unauthorised use of...... more

 

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